Bank of America sees profits fall as it builds reserves for Covid-19
The steep drop in its first-quarter profit comes as it puts aside $3.6bn for loan-loss provisions
15 April 2020 - 16:59
Bengaluru/New York — Bank of America (BOA) has reported a steep drop in first-quarter profit as it prepared for billions in potential loan losses amid fears that the coronavirus pandemic will plunge the economy into its worst recession in generations.
Sweeping lockdowns to curb the spread of Covid-19 have shuttered businesses around the world, forced dramatic interest rate cuts and put nearly 17-million Americans out of work, prompting Wall Street banks to set aside billions to cover for potential losses...
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